Protocol strengthening, contract parameter updates and more. Perpetual Protocol's focus in recent weeks has been make the protocol as secure and robust as possible. We have been tightening the protocol and improving liquidity to provide the best possible experience for our users. Read on to find out more about the different updates and measures we have implemented.
🛠️ Product
1. Soft Circuit Breaker (IF)
We have made a improvement in the insurance fund mechanism (FI) that helps ensure the solvency of the protocol: IF Soft Circuit Breaker. Soft Circuit Breaker protects the exchange against insolvency resulting from a serious market event, protocol exploitation, or hack. In any of those events that lead to a bad debt that exceeds the payment capacity of the FI, the traders who profited during the event will be able to obtain these profits. only when the IF has funds available to do so (ie funds from trading fees). Soft Circuit Breaker helps keep all users' funds safe, which is a top priority for the core team. If you have any questions or comments, please reach out to us on Discord.
2. Migration to Goerli Testnet
Our testnet migration from Kovan to Goerli is complete. Find the contract address list here.
3. Contract Parameter Updates
ETH collateral cap increase
Since ETH liquidity is getting deeper and deeper in Optimism, ETH collateral limit has been raised to 1000 ETH. The team will monitor this for a few days and aim to ramp it up further in the near future.
Updated Maximum Spread Price Ratio
Contract parameter “_MAX_PRICE_SPREAD_RATIO” has been changed from 20% to 10%. After this update, users cannot provide liquidity when the deviation of the mark and index price is greater than 10%. This insures the system against bad debts resulting from a severe market event or price manipulation.
4. Liquidity Mining Update
We have updated our “Pool Party” Liquidity Mining program to make it more efficient and solid against possible washing operations. The new formula is based on the amount of time the price is within the LP range and the concentration of liquidity. This means that only active liquidity will earn rewards and concentrated liquidity will earn more rewards. The new formula will apply to rewards distributed next week, October 24, for liquidity provided from October 16-23.
🤝 Marketing and partners
1. Referral program update
The first rewards of the updated referral program were distributed yesterday, October 17. All referral partners and merchants who have locked at least 10 PERPs in vePERP before October 13 00:00 UTC can claim their rewards here. Reminder: If you have not already done so, connect PERP with Optimism and connect to vePERP to migrate to the new referral program.
2. Socket integration
https://twitter.com/perpprotocol/status/1575860708029374466
3. Community Event: Perp Trivia Night
[highlighted]Did you join us and the Perp community to play Trivia Night? We had lots of fun, laughter and some amazing prizes for the winners![/highlighted]Get your quiz hats on, it's time for Perp's first community-hosted trivia competition!
Sign up on https://t.co/t0TD9OUNJt to compete in the Perp Trivia Night on October 7th 20:00 EDT. pic.twitter.com/8hEctahPx2
— Perpetual Protocol (✨🔴_🔴✨) (@perpprotocol) October 3, 2022
PS: Our Community Poker tournament "Battle of the Perp Poker Masters" enters the third round! Sign up to PokerNow to participate on Saturday, October 29 at 1 pm UTC.
4. Space Twitter with DeCommas
Last week we invited DeCommas to chat about his delta-neutral base business strategy built on Perp v2, the recently awarded grant, and more. Can listen to the recording here o read summary notes. During the space, DeCommas announced a deposit limit increase for the PERP-ETH-MAINNET strategy to 100 USDC, which was filled within minutes.
🗺️ Equipment and ecosystem updates
1. New video tutorials
Learn the different ways to earn rewards in Perp with our latest tutorials:
2. Grants Committee Monthly Update: September 2022
In September 2022, the Grants Committee awarded two new grants: Crypto n' Carry is creating a funding rate arbitrage panel for Perp and a funding rate arbitrage tool is being created to allow users to perform arbitrage transactions between FTX and Perp. Two grants are currently being considered: air protocol to build a vault container that allows users to deposit into Perp v2 via Aira and steer protocol to build an automation suite, including automated liquidity vault creation and other tools. Read the full report here.
